Home News New project funded: EU-Nepal Trade and Investment Program launched

New project funded: EU-Nepal Trade and Investment Program launched

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Kathmandu: EU-Nepal Trade and Investment Program (TIP) was launched in Kathmandu on Thursday. The goal of the EU-Nepal Trade and Investment Programme (TIP) is to contribute to Nepal’s sustainable and inclusive economic growth and poverty reduction.

H.E. Ambassador Veronica Cody, European Union Delegation to Nepal, Dr. Baikuntha Arial, Secretary, Ministry of Industry, Commerce and Supplies and Ms. Dorothy Tembo, Acting Executive Director of the International Trade Center jointly inaugurated the EU-Nepal Trade and Investment Programme (TIP).

The International Trade Centre (ITC), EU and government of Nepal will jointly implement the project. The TIP aims to enhance the export potential of the Country on Coffee and Pashmina in Nepal.

A main objective of the project will be to increase trade and the participation of Nepali enterprises in regional and global value chains. The project also emphasizes increasing the capacities throughout Nepal’s coffee and pashmina value chain, with a view to connect coffee smallholders and farmers to market.

Veronica Cody, Ambassador of the European Union to Nepal, said -“Coffee and Pashmina are among the products with export potentials identified by Nepal Trade Integration Strategy (NTIS) 2016 of the GoN. We believe that “Coffee from the Himalaya” and “Chyangra Pashmina” have the potential to contribute to the reduction of rural poverty, decent jobs for women and youth, and pleased to engage with our Nepali partners from the Government, the International Trade Centre and the private sector to pursue this goal.”

ITC Acting Executive Director, Ms. Dorothy Tembo said-“This EU-funded Nepal Trade-Related Assistance project will focus on areas of particular importance to micro, small and medium-sized enterprises, such as improving the cost and ease of doing business through enhanced trade facilitation measures and streamlining customs procedures and supporting the government and business community to make informed decisions based on trade data.”

Dr. Baikuntha Aryal, Secretary for Commerce and Supplies at the Ministry for Industry, Commerce and Supplies, said-“The four-year-long project with EUR 8 million support from the EU in this collaborative effort will focus on trade sector development in Nepal, particularly on high value-low volume export potential commodities, such as Pashmina & Coffee.”

He added the TIP will contribute in value chain development, quality enhancement, and improved trade facilitation measures for Nepal’s sustainable and inclusive economic growth and poverty reduction through export promotion and jobs creation for women and youth.